China Stock Selloff Continues: A decline in...
From Times Staff and Wire Reports
China Stock Selloff Continues: A decline in the market gathered speed as large institutions joined an army of individual investors selling shares. Shanghai’s A share index for domestic investors slid 5.84%, losing 34.24 points to end at 552.51. The market lost 5.38% on Tuesday and 3.75% on Monday. The selloff is the biggest in the market’s three-year history. The index is now at its lowest level since the start of 1993. Shenzhen’s A share market, which usually follows the direction of its much larger Shanghai counterpart, plunged 7.72 points, or 5.25%, to 131.20. Brokers said Chinese investors began pulling out to chase a $7.47-billion bond issue planned for this year by the new Development Bank.
